General Motors Company (GM) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 25, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to General Motors Company First Quarter 2023 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. After the opening remarks, we will conduct a question-and-answer session. As a reminder, the conference call is being recorded, Tuesday, April 25, 2023.

I would now like to turn the conference over to Ashish Kohli, GM Vice President of Investor Relations. Thank you. You may begin.

Ashish Kohli - VP of IR

Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the first quarter of 2023. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast. Joining us today are Mary Barra, GM's Chair and CEO; Paul Jacobson, GM's Executive Vice President and CFO; and Kyle Vogt, CEO of Cruise. Dan Berce, President and CEO of GM Financial, will also join us for the Q&A portion of the call.

Before we begin, I'd like to direct your attention to the forward-looking statements on the first page of our presentation. The content of our call will be governed by this language.

And with that, I'm delighted to turn the call over to Mary.

Mary Barra - Chair and CEO

Thanks, Ashish, and good morning, everyone. Thank you for joining us. Paul, Kyle, Dan and I are glad to have this opportunity to discuss our first quarter results with you. Once again, we delivered strong earnings, and I appreciate the efforts of everyone involved, including the GM team, our dealers, our suppliers, our unions, that all helped us meet strong customer demand for our products.

Highlights include our international markets outside of China, which had a record quarter, and North America, where we earned 10.9% EBIT-adjusted margins. In the U.S., we are the market leader in retail and fleet sales, including commercial sales. We earned the largest year-over-year increase in U.S. market share of any automaker, and we did it with strong production and inventory discipline as well as consistent pricing.

We delivered more than 20,000 EVs in the U.S. in the quarter, on the strength of record Bolt EV and EUV sales and rising Cadillac LYRIQ deliveries. This moves us up to the second market position and increased our EV market share by 800 basis points. We also continue to sell more trucks in the U.S. than anyone by a wide margin.